CALGARY AB and SAN ANTONIO, TX / ACCESSWIRE / October 3, 2022 / Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") is pleased to announce that the Company, in partnership with Alliance Petroleum Interests ("Alliance") of Dallas, Texas, has signed a drilling contract with Unison Drilling Inc. to commence horizontal drilling operations on three wells at the Company's Stockdale Horizon project in South Texas. The vertical sections in the Lambeck 1H and Jendgrov 1H were drilled previously, and the Company has now secured the drilling rig and services to complete the horizontal sections in the wells. Once operations commence, drilling the wells to the targeted measured depths of approximately 6,400 feet will take approximately three to six weeks Upon completing the horizontal sections of Lambeck 1H and Jendgrov 1H, the Company will move the rig to the McGrew 1H well to re-drill and extend the horizontal section of the well.
The three horizontal wells at Stockdale represent the Company's commitment to a new transformative strategy of drilling high impact horizontal wells as part of the Company's exploration program in South Texas.
Shelby Beattie, CEO of Nexera commented "we are excited to see the completion of these three wells as it should add meaningful revenue to Nexera. Our commitment to continue drilling more wells and building the company is our priority and immediate goal". "Having established relationships over several decades in Texas firmly positions us to aggressively identify prime drilling targets to continue to increase production" further added Mr. Beattie.
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture:NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Stockdale Horizon Projects. The Company also owns 100% of Production Resources Inc., a South Texas oil company.
For further information, please contact:
| Nexera Energy Inc. Shelby D. Beattie, President (403) 262-6000 [email protected] www.nexeraenergy.com | Investor Cubed Inc. Neil Simon, CEO 647-258-3310 [email protected] www.investor3.ca |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts.
Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Emerald Bay at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Emerald Bay that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. In particular, forward-looking information in this news release includes, but is not limited to, statements with respect to: pipeline acquisitions and leasing; pipeline permits, pipeline construction, production estimates, drilling operations, completion operations, funding and development goals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the applicable securities regulators.
SOURCE: Nexera Energy Inc.